Former Rajya Sabha MP and businessman KD Singh has been arrested in reference to an alleged cash laundering case, sources mentioned. The Enforcement Directorate, which made the arrest, had searched his premises in 2019 in reference to the investigations into the Alchemist Group case.
Mr Singh, the founding father of the Alchemist group, was its chairman until 2012. Presently he’s its Chairman Emeritus. The company is probing him as a part of two cash laundering instances linked to an alleged Rs 1,900 crore Ponzi rip-off.
In January 2019, the company hooked up the agency’s property valued at over Rs 239 crore. The company has alleged that the corporate launched an unlawful collective funding scheme and picked up round Rs 1,916 crore from the general public until 2015. The investigation within the case began in 2016.
KD Sigh was elected to Rajya Sabha on a Trinamool Congress ticket in April 2014 however obtained sidelined within the celebration after the rip-off surfaced. His time period obtained over in April final 12 months.
Senior Trinamool chief Sougata Roy mentioned the celebration has no reference to KD Singh now.
“It’s true that KD Singh ran a discount discover for Alchemist. It’s true that at one time he was a member of the Rajya Sabha from the Trinamool. However the celebration has had no reference to KD Singh for the final two years,” Mr Roy mentioned.
“I hope the Enforcement Directorate has acted in keeping with the regulation — that’s, the Prevention of Money Laundering Act. We must always make sure that the CBI and the ED aren’t misused. However on the similar time they’ve their rights. They’ve their powers in keeping with the regulation,” he added.
Requested if there was a misuse of powers by the 2 businesses, Mr Roy mentioned, “I’m not apprehensive however I do know the BJP will not be above utilizing the CBI and the ED for political functions. We’re not apprehensive, we’re political folks and we are going to face no matter involves us”.